1986-05-22 Regular MeetingKODLAK ISLAND BOROUGH
Special Assembly Meeting
May 22, 1986
A special meeting of the Kodiak Island Borough Assembly was held
May 22, 1986, in the Assembly Chambers of the Kodiak Island Bor-
ough Building at 6:30 p.m. The meeting was called to order at
6:37 p.m. (A verbatim record is on file in the Clerk's office.)
There were present:
Lorne White, presiding
Ann Barker
Martha Ruble
Absent:
Eric Blankenburg (excused)
Ed Naughton (excused)
Alan Austerman
Ken Gregg
comprising a quorum of the assembly; and
Jerome Selby, Borough Mayor
Bryce Weeks, Finance Director
Shirley Berns, Deputy Clerk
ITEM OF BUSINESS
A. Resolution No. 86-36-R Authorizing The Sale Of
$9,930,000 Principal Amount Of General Obligation Vari-
able Rate Demand Bonds, 1986 Series A. To Pay The Costs
Of School Improvements In The Borough; Authorizing A
Preliminary Official Statement, An Official Statement,
An Indenture, A Reimbursement Agreement, A Remarketing
Agreement And A Contract Of Purchase With Respect To
The Bonds; And Determining Related Matters.
BARKER,
seconded by RUBLE
moved to adopt Resolution
No. 86-36-R.
In response to questions, Mayor Selby explained that the only
difference between these bonds and bonds sold in the past was
that the bond agency (John Nuveen and Company) was initially
going to purchase these bonds themselves and then resell them at
some future date. He said that was the reason for the Remarketing
Agreement in the resolution. Also, he stated the bond sale was
set to close on June 4, 1986. When asked about the variable rate
of interest, Mayor Selby said the bonds would not be locked in
immediately because bond rates are favorable now and should
remain so throughout the summer. He said the term of the bond was
set at a twenty year pay off but there was an option to pay off in
ten years and the state had been advised of this intention.
Sterling Gallagher, bond attorney, responded to a question from
the assembly by saying that the borough would be saving money by
his company acting as the underwriter for the sale. He stated
that the total cost would be 5 1/8 at this week's rates.
VOTE ON MOTION
Ayes: Austerman, Barker, Gregg,
Ruble, White
Noes: None
MOTION CARRIED Unanimous
SPECIAL
MEETING
ROLL CALL
ITEM OF BUSINESS
RESOLUTION
NO. 86-36-R
�s—
Kodiak Island Borough
Special Assembly Meeting
May 22, 1986
B. Resolution No. 86-37-R Designating The Mayor and/or RESOLUTION
Finance Director As Acting Clerks For The Purpose Of NO. 86-37-R
The Closing Of The $9,930,000 School Bond Sale.
AUSTERMAN, moved to adopt Resolution
seconded by BARKER No. 86-37-R.
VOTE ON MOTION
Ayes: Barker, Gregg, Ruble,
Austerman, White
Noes: None
MOTION CARRIED Unanimous
With no further business to come before the assembly, the meeting ADJOURNMENT
was adjourned at 6:50 p.m.
ATTEST:
go u h Clerk
P iding Officer